HotForex Review

HotForex is a MetaTrader-only broker offering market-maker execution across a perplexing variety of six different account types. Despite a moderately enhanced MetaTrader offering, HotForex provides a limited selection of tradeable products compared to leading multi-asset brokers.

• Founded in 2010, HotForex regulated in one tier-1 jurisdictions and three tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading.
• HotForex is a MetaTrader broker that offers the full MetaTrader suite with an optional tools package for customers called Premium Trader Tools to enhance the default experience. Customers have access to just over 100 securities, and limitations apply; for example, crypto CFDs are not tradeable on weekends.
• With six different account type options, pricing at HotForex varies greatly by account type. At best, HotForex's pricing is slightly better than the industry standard; however, pricing still trails low-cost leaders such as CMC Markets and FOREX.com.

Overall Summary

Is HotForex Safe?

HotForex is considered average-risk, with an overall Trust Score of 83 out of 99. HotForex is not publicly traded and does not operate a bank. HotForex is authorised by one tier-1 regulator (high trust), three tier-2 regulators (average trust), and two tier-3 regulators (low trust). HotForex is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

Offering of Investments

The following table summarizes the different investment products available to HotForex clients.

Commissions & Fees

HotForex offers six account types, ranging from Micro to Premium, as well as accounts with fixed spreads, and one account dedicated to copy trading. Based on the data displayed by HotForex, our best guess is that Zero and Fixed accounts are the most popular.

Comparisons: On the Zero account, typical spreads are 0.3 pips on the EUR/USD and incur a commission of roughly 0.6 pips per trade, totaling an all-in cost of 0.9 pips. On the Zero account, trading costs are lower, but margin requirements are twice as high as the Premium account, where typical spreads are 1.2 pips.

Published data: While HotForex lists typical spreads across its account types, the broker does not list a date range for the data. We'd like to see an average spread published for a given period, as it is hard to quantify a zero variable spread. However, as mentioned above, the broker does list typical spreads for its other related account offerings, as seen in the snapshot below.

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Platforms & Tools

HotForex is a MetaTrader broker that offers the entire MetaTrader suite, including both MT4 and MT5 desktop and web. The desktop version supports automated trading systems known as Experts through the MQL5 signals community.

While MetaTrader4 and MetaTrader5 come standard, HotForex does provide customers an optional suite of trader tools, called Premium Trader Tools, developed by FX Blue Labs. Highlights from the 12 tools provided in the package include Trade Terminal for advanced order execution, Connect for news, Alarm Manager for alerts, and additional technical indicators like Renko bars, pivot points, and order history.

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Research

HotForex provides research resources that include analysis and trading tools incorporating content from in-house staff and third-party providers. FxStreet provides forex news, and trading signals generated by automated pattern recognition are available from Autochartist. Overall, research is on par with the industry standard.

HF Copy: HotForex also launched a copy-trading platform called HF Copy, although considering it is still very new, there weren't many providers available and those that are have a limited trading history.

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Mobile Trading

MT4 and MT5 come standard on Android and iOS. Scoring for this category matches that of other MetaTrader-only brokers. Lastly, it's worth noting that HotForex also offers HF App, which is its proprietary mobile platform with various research and trading tools and calculators, although it does not permit direct trading.

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Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

• Average Connection Time: <1 minute
• Average Net Promoter Score: 6.0 / 10
• Average Professionalism Score: 7.9 / 10
• Overall Score: 7.26 / 10
• Ranking: 15 ^th (22 brokers)

Final Thoughts

HotForex is suitable for traders looking for a MetaTrader-only broker that has a handful of additional upgrades from the standard, default setup. HotForex offers a small range of markets compared to top multi-asset brokers. It's worth pointing out that HotForex does continue to increment its offering with minor improvements across the board, helping to balance its otherwise mixed offering. HotForex finished Best in Class across two categories in 2020, including MetaTrader, and Social Copy Trading.

About HotForex

HotForex is a MetaTrader-only broker offering market-maker execution across a mixed account offering where commissions, spreads, and margin rates vary considerably.

Founded in 2010, HotForex operates as a unified brand of the HF Markets Group and maintains a regulatory status in Europe via Cyprus under its HF Markets (Europe) Ltd entity. It is also represented in several emerging regulatory hubs such as South Africa, Seychelles, Mauritius, and St. Vincent and The Grenadines.

HotForex Trading Features

HotForex Research Features

HotForex Mobile App Features

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.